Liberty Propane Exit

On December 31, 2009, Argosy Investment Partners III, L.P. exited its investment in Liberty Propane (http://www.libertypropane.net ). Based in Overland Park, KS, Liberty is a retail propane distribution company that focuses on providing fuel primarily for home heating purposes. Since Argosy made its original investment in the Company in 2005, Liberty has grown through acquisitions and is now ranked as the 9th largest retail propane distribution company in the United States . Liberty was sold to Inergy, L.P. on December 31, 2009. Inergy is one of the largest propane distribution companies in the United States and trades on the NASDAQ exchange under the symbol “NRGY.”